90th General Assembly
Summary of SB0897
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Short description: 
REAL ESTATE LIC-ESCROW MONIES                                              

Synopsis of Bill as introduced:
        Amends the Real Estate License Act of 1983 to add a caption.           
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          225 ILCS 455/18.1                                                    
          Adds reference to:                                                   
          225 ILCS 455/18                 from Ch. 111, par. 5818              
        Replaces the title and  everything  after  the  enacting  clause.      
   Amends  the  Real Estate License Act of 1983.  Creates an exception to      
   the  requirement that the Office of Banks and Real Estate may penalize      
   a licensee under this Act when the  licensee  fails  to  maintain  all      
   escrow  monies entrusted to the licensee in a special separate account      
   until the transactions are consummated or terminated if the monies are      
   disbursed prior to consummation  or  termination  in  accordance  with      
   directions  contained  in a written contract, signed by the principals      
   to the transaction or their agent.  Provides that the Office of  Banks      
   and Real Estate may penalize a licensee under this Act if the licensee      
   requires  a party to a transaction who is not a client of the licensee      
   to allow the licensee to retain a portion of  the  escrow  monies  for      
   payment  of  the  licensee's commission or expenses as a condition for      
   release of the escrow monies to that party.  Effective immediately.         
          FISCAL NOTE (Dept. of Financial Inst.)                               
          SB 897 would have no fiscal impact on this Dept.                     
          HOUSING AFFORDABILITY NOTE                                           
          This bill will have no direct impact on the cost of construc-        
          ting, purchasing, owning or selling a single family residence.       
Last action on Bill: PUBLIC ACT.............................. 90-0352

   Last action date: 97-08-08

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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